GUELPH, ON, Sept. 16, 2020 /PRNewswire/ — Canadian Solar Inc. (NASDAQ: CSIQ) (the “Company”, or “Canadian Solar”), one of the world’s largest solar power companies, today announced the closing of its previously announced offering of US$230 million in aggregate principal amount of 2.50% convertible senior notes due 2025 (the “Notes”), which includes the exercise in full by the initial purchasers of their option to purchase an additional US$30 million in aggregate principal amount of the Notes. The Company received aggregate net proceeds of approximately US$223 million from the offering, after deducting discounts, commissions and offering expenses.
Dr. Shawn Qu, Chairman and CEO, commented, “We are pleased with the strong investor support and participation in our convertible offering. This transaction gives us additional financial resources to step up our expansion plans and benefit from the accelerating demand growth for solar energy and the supply consolidation in the industry. We plan to deploy the capital to expand our high-quality manufacturing capacity and pipeline of solar projects as we solidify Canadian Solar’s position as the global market leader in solar energy.”
Dr. Qu added, “This offering is in addition to the ongoing pre-IPO equity raise to bring in new financing and strategic partners to our MSS business in China, which is well on track. Both capital raisings are part of our latest growth strategy to increase Canadian Solar’s future market share and earnings power, and further unlock value for our shareholders.”
The offering of the Notes was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were offered and sold only in the United States to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. The Notes and the common shares deliverable upon conversion of the Notes have not been and will not be registered under the Securities Act or the securities laws of any other place, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.